Transportation Code, §222.003, allows the Texas Transportation Commission to issue bonds and other public securities secured by a pledge of and payable from revenue deposited to the credit of the state highway fund. Proceeds from the sale of these bonds and other public securities must be used to fund state highway improvement projects. A maximum of $1 billion per year in debt may be issued not to exceed an aggregate principal amount of $3 billion. This subchapter prescribes the policies and procedures that will be used to select projects.

Source Note:The provisions of this §15.170 adopted to be effective April 15, 2004, 29 TexReg 3649.